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Formation of inflation expectations: from the simple to the rational expectations hypothesis

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Using quarterly survey expectational data for seven EC countries, this paper tests how producers form their inflation expectations. The results indicate that the simple expectational hypotheses do not give an adequate account of the variation in the price expectational data, because they fail to allow for the information contained in forecast models of inflation. However, the producers generally do not incorporate disequilibrium inflation into their inflation expectations.
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Document Type: Research Article

Publication date: 1996-10-01

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